Circle Internet Financial Ltd, the issuer of the stablecoin USDC, plans to increase its staff by 15-25% by the end of the year amid widespread cutbacks in the cryptocurrency sector cryptocurrency, The Wall Street Journal has reported.
Notably, the company, which is headquartered in Boston, currently has around 900 employees.
The operator of the second largest stablecoin in terms of capitalization, USDC, plans to hire between 135 and 225 additional employees. Recall that the company's headcount roughly doubled last year compared to 2021.
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Jeremy Fox-Geen, Circle's CFO, has said:
"We are growing and investing and we are fortunate to be in a financial position to be able to sustain our investments. We have slowed down growth prudently and are focused on what matters most."
The company had planned to go public through a merger with a special purpose acquisition company in order to access the capital markets, improve its transparency and expand its operations internationally.
However, Circle and the SPAC, Concord Acquisition Corp, called off their merger in December after Circle failed to meet the deadline to close the deal.